In some countries owning a home rather than renting one is considered very important. Why might this be the case? Is this a positive or negative development?

In certain developed countries, most people choose to purchase a home

instead

of renting an apartment.

This

may be because of the reason that those people are financially stable and want to buy one for themselves.

This

phenomenon has both positive and negative outcomes which will be discussed in the subsequent paragraphs.

To begin

with, there are myriads of reasons why people tend to purchase a home rather than renting one. One reason is that those people are financially independent and have enough budgets to buy a luxurious

house

while showing off their status.

Moreover

, they do not have to worry about landlords and paying rent.

In addition

to that, they can decorate their apartment according to their taste. Another possible reason is that they do not want to waste their precious money on paying rent for a long term which they have to leave at some point in their life.

This

trend of owning the

house

rather than renting an apartment has both positive and negative outcome. To exaggerate, real estate business enhances its productivity as more and more people purchase homes which generate economy to the government.

Moreover

, it gives pleasure to the family that they own a

house

.

On the contrary

, if

the

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people do not have enough money, they would take a home loan from the bank.

As a result

, it would include more expenses along with utility bills which if it goes beyond their repaying capacity; they would end up their life in debt. To encapsulate, it can be concluded purchasing a

house

is a wonderful experience for the people who have money.

However

, it becomes a nightmare for those who take loans and would not be able to repay it on time and end up paying a huge amount of interest.